Delta Air Lines, Inc. Financial Ratios — DAL Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	6.44	46.04	36.26	25.83	30.02	32.82	-146.64	10.33	25.18	52.12	26.19	27.69
Return on Assets (%)	1.97	2.29	21.78	1.24	8.45	8.04	6.11	6.91	7.64	-18.14	0.39	1.82	6.32	4.64	6.39
Return on Capital (%)	- -	17.4	- -	5.11	25.66	22.95	16.77	16.18	15.91	- -	3.12	5.35	14.01	10.49	14.03
Return on Invested Capital (%)	- -	21.48	- -	8.53	26.22	23.83	16.98	15.6	16.21	- -	3.51	6.66	12.01	11.65	11.9
Gross Margin (%)	20.42	20.11	22.74	20.24	32.81	31.14	27.98	24.99	28.93	-25.55	7.13	20.95	24.35	24.61	24.17
EBITDA Margin (%)	10.65	11.43	14.45	11.63	23.68	22.51	19.9	17.09	19.57	-11.34	12.99	11.4	13.54	13.8	13.04
Operating Margin (%)	6.31	7.16	10.07	7.24	19.17	17.73	14.5	11.85	14.08	-24.86	6.31	7.24	9.51	9.73	9.19
Incremental Operating Margin (%)	-13.39	26.37	106.53	-33.99	1,426.9	64.27	-61.02	-21.27	52.71	- -	47.92	8.58	24.91	13.18	-10.05
Pretax Margin (%)	2.19	2.8	6.69	2.66	17.58	16.1	13.37	11.59	13.19	-91.18	1.33	3.78	9.66	7.56	9.76
Profit Margin (%)	2.43	2.75	27.9	1.63	11.12	10.63	7.79	8.86	10.14	-72.45	0.94	2.61	7.94	5.61	7.9
Net Income to Common Margin (%)	2.43	2.75	27.9	1.63	11.12	10.63	7.79	8.86	10.14	-72.45	0.94	2.61	7.94	5.61	7.9
Effective Tax Rate (%)	- -	1.56	- -	38.53	36.76	33.97	41.73	23.61	23.09	- -	29.65	31.14	17.81	25.78	19.08
Dvd Payout Ratio (%)	- -	- -	0.97	38.09	7.93	12.13	22.81	23.1	20.56	-2.1	- -	- -	2.78	9.29	8.79
Sustainable Growth Rate (%)	- -	- -	- -	3.99	42.38	31.86	19.94	23.08	26.08	-149.72	10.33	25.18	50.67	23.76	25.26

Credit (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	13,791	12,709	11,342	9,661	8,329	7,332	8,834	16,527	17,255	35,548	34,679	30,610	27,281	22,771	20,274
ST Debt	1,944	1,627	1,547	1,184	1,563	1,131	2,242	2,473	3,088	2,410	2,485	3,073	3,742	2,938	2,414
LT Debt	11,847	11,082	9,795	8,477	6,766	6,201	6,592	14,054	14,167	33,138	32,194	27,537	23,539	19,833	17,860
Total Debt/EBITDA	3.69	3.03	2.08	2.06	0.86	0.83	1.08	2.18	1.88	-18.34	8.93	5.31	3.47	2.68	2.45
Net Debt/EBITDA	2.98	2.46	1.56	1.61	0.66	0.51	0.86	1.08	0.9	-10.76	4.89	3.43	2.2	1.54	1.19
Total Debt/EBIT	6.22	4.84	2.98	3.31	1.07	1.05	1.48	3.14	2.61	-8.36	18.39	8.36	4.94	3.8	3.48
Net Debt/EBIT	5.02	3.92	2.24	2.59	0.81	0.65	1.18	1.56	1.25	-4.91	10.07	5.4	3.14	2.19	1.68
EBITDA to Interest Expense	3.42	4.17	6.41	7.22	20.04	22.89	20.68	24.41	30.56	-2.09	3.04	5.61	9.43	11.39	12.17
EBITDA-CapEx/Interest Expense	2.27	2.21	3.45	3.76	13.91	14.15	10.85	7.8	14.16	-4.13	0.5	-0.58	3.04	4.51	5.55
EBIT to Interest Expense	2.03	2.61	4.46	4.5	16.22	18.03	15.07	16.93	21.99	-4.57	1.47	3.56	6.62	8.03	8.57
Interest Expense	1,094	1,005	852	650	481	388	396	311	301	929	1,279	1,029	834	747	679
Common Equity/Total Assets	-3.21	-4.78	22.28	16.32	20.42	23.97	23.35	22.71	23.8	2.13	5.36	9.11	15.08	20.29	25.64
Long-Term Debt/Equity (%)	- -	- -	84.13	96.19	62.36	50.47	52.61	102.68	92.25	2,160.23	828.25	418.37	211.97	129.69	85.65
Long-Term Debt/Capital (%)	95.58	104.76	42.61	45.89	35.28	31.61	30.86	46.51	43.44	89.36	83.48	74.04	61.32	52.1	43.43
Long-Term Debt/Total Assets (%)	27.24	24.88	18.75	15.7	12.73	12.1	12.28	23.32	21.95	46.03	44.43	38.09	31.96	26.31	21.96
Total Debt/Equity (%)	-987.89	-596.39	97.41	109.62	76.76	59.67	70.5	120.75	112.35	2,317.34	892.18	465.06	245.66	148.9	97.22
Total Debt/Capital (%)	111.26	120.15	49.35	52.3	43.43	37.37	41.35	54.7	52.91	95.86	89.92	82.3	71.07	59.82	49.3
Total Debt/Total Assets (%)	31.7	28.53	21.71	17.89	15.68	14.3	16.46	27.42	26.74	49.37	47.86	42.34	37.04	30.21	24.93
Net Debt to Equity	-797.56	-483.01	72.99	85.93	58.59	37.19	56.03	59.95	53.9	1,359.19	488.47	300.27	155.9	85.82	47.01
Net Debt/Capital (%)	114.34	126.11	42.19	46.22	36.94	27.11	35.91	28.64	27.84	72.46	61.98	58.26	48.57	37.51	26.62
EBITDA	3,740	4,192	5,460	4,693	9,637	8,882	8,188	7,593	9,199	-1,938	3,884	5,768	7,862	8,508	8,265
EBITDA-CapEx	2,486	2,224	2,939	2,444	6,692	5,491	4,297	2,425	4,263	-3,837	637	-598	2,539	3,368	3,766
Operating Income (Loss)	2,217	2,627	3,802	2,922	7,802	6,996	5,966	5,264	6,618	-4,250	1,886	3,661	5,521	5,995	5,822

Liquidity (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.28	0.25	0.27	0.2	0.2	0.21	0.14	0.1	0.14	0.89	0.54	0.25	0.15	0.12	0.16
Current Ratio	0.61	0.62	0.68	0.54	0.52	0.49	0.41	0.34	0.41	1.09	0.76	0.5	0.39	0.37	0.4
Quick Ratio	0.41	0.38	0.38	0.39	0.31	0.35	0.26	0.22	0.28	0.97	0.65	0.37	0.26	0.24	0.26
CFO/Avg Current Liab	0.24	0.19	0.33	0.32	0.46	0.44	0.29	0.37	0.43	-0.21	0.18	0.27	0.25	0.3	0.31
Common Equity/Total Assets	-3.21	-4.78	22.28	16.32	20.42	23.97	23.35	22.71	23.8	2.13	5.36	9.11	15.08	20.29	25.64
Long-Term Debt/Equity (%)	- -	- -	84.13	96.19	62.36	50.47	52.61	102.68	92.25	2,160.23	828.25	418.37	211.97	129.69	85.65
Long-Term Debt/Capital (%)	95.58	104.76	42.61	45.89	35.28	31.61	30.86	46.51	43.44	89.36	83.48	74.04	61.32	52.1	43.43
Long-Term Debt/Total Assets (%)	27.24	24.88	18.75	15.7	12.73	12.1	12.28	23.32	21.95	46.03	44.43	38.09	31.96	26.31	21.96
Total Debt/Equity (%)	-987.89	-596.39	97.41	109.62	76.76	59.67	70.5	120.75	112.35	2,317.34	892.18	465.06	245.66	148.9	97.22
Total Debt/Capital (%)	111.26	120.15	49.35	52.3	43.43	37.37	41.35	54.7	52.91	95.86	89.92	82.3	71.07	59.82	49.3
Total Debt/Total Assets (%)	31.7	28.53	21.71	17.89	15.68	14.3	16.46	27.42	26.74	49.37	47.86	42.34	37.04	30.21	24.93
CFO/Total Liabilities	6.31	5.3	11.09	10.95	18.75	18.51	12.21	15.06	17.13	-5.38	4.76	9.68	10.34	13.36	13.8
CFO/CapEx	2.26	1.26	1.79	2.2	2.69	2.13	1.29	1.36	1.71	-2	1.01	1	1.21	1.56	1.85
Altman's Z-Score	0.94	1.09	1.65	1.69	2.23	2.31	2.09	1.78	1.91	0.29	0.75	1.06	1.37	1.62	1.69

Working Capital (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	23.26	22.52	22.88	20.67	18.86	19.32	18.53	18.95	18.19	8.04	15.74	18.13	18.41	19.4	20.86
Days Sales Outstanding	15.69	16.2	15.95	17.66	19.36	18.89	19.7	19.27	20.06	45.37	23.19	20.13	19.83	18.81	17.49
Inventory Turnover	65.52	37.61	27.98	33.62	35.31	34.21	26.69	27.97	28.98	21.65	30.35	31.71	32.08	33.9	31.73
Days Inventory Outstanding	5.57	9.71	13.05	10.86	10.34	10.67	13.67	13.05	12.6	16.86	12.03	11.51	11.38	10.77	11.5
Accounts Payable Turnover	17	15.3	12.73	13	10.14	10.29	9.69	10	10.77	6.86	7.95	8.63	9.17	10.24	9.77
Accounts Payable Turnover Days	21.47	23.85	28.68	28.09	36	35.46	37.67	36.49	33.9	53.21	45.93	42.31	39.8	35.63	37.37
Cash Conversion Cycle	-0.21	2.06	0.32	0.43	-6.31	-5.89	-4.29	-4.17	-1.24	9.03	-10.71	-10.67	-8.59	-6.05	-8.38
Inventory to Cash Days	10.12	6.5	2.91	6.81	9.02	8.22	6.03	6.21	7.47	28.51	11.17	8.62	8.45	8.04	5.99
Inventories	535	1,023	1,063	852	697	891	1,329	1,055	1,251	732	1,098	1,424	1,314	1,428	1,601
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	535	1,023	1,063	852	697	891	1,329	1,055	1,251	732	1,098	1,424	1,314	1,428	1,601

Enterprise Value (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	6,838	10,106	23,389	40,594	39,477	35,945	39,603	33,929	37,589	25,661	25,010	21,072	25,886	39,112	45,330
- Cash & Cash Equivalents	2,657	2,416	2,844	2,088	1,972	2,762	1,814	1,565	2,882	8,307	7,933	3,266	2,741	3,069	4,310
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	13,791	12,709	11,342	9,661	8,329	7,332	8,834	16,527	17,255	35,548	34,679	30,610	27,281	22,771	20,274
Enterprise Value	17,014	19,441	30,928	46,950	44,369	40,028	45,798	48,688	51,962	47,113	48,370	45,148	49,299	58,814	61,294
Total Capital	12,395	10,578	22,985	18,474	19,179	19,619	21,364	30,214	32,613	37,082	38,566	37,192	38,386	38,064	41,127
Total Debt/Capital (%)	111.26	120.15	49.35	52.3	43.43	37.37	41.35	54.7	52.91	95.86	89.92	82.3	71.07	59.82	49.3
Total Debt / EV	0.81	0.65	0.37	0.21	0.19	0.18	0.19	0.34	0.33	0.75	0.72	0.68	0.55	0.39	0.33
EV/Sales	0.48	0.53	0.82	1.16	1.09	1.01	1.11	1.1	1.11	2.76	1.62	0.89	0.85	0.95	0.97
EV/EBITDA	4.55	4.64	5.66	10	4.6	4.51	5.59	6.41	5.65	- -	12.45	7.83	6.27	6.91	7.42
EV/EBIT	7.67	7.4	8.13	16.07	5.69	5.72	7.68	9.25	7.85	- -	25.65	12.33	8.93	9.81	10.53
EV/Cash Flow to Firm	4.2	5.61	3.84	8.78	5.39	5.36	8.72	6.71	6	- -	11.62	6.38	6.9	6.86	6.89
EV/Free Cash Flow to Firm	3.21	3.58	2.92	6.18	3.97	3.69	5.01	3.92	3.82	- -	6.53	3.36	3.95	4.29	4.58
Diluted Market Cap	6,828	10,090	23,569	41,566	40,755	37,138	40,515	34,631	38,187	25,574	25,050	21,063	25,868	39,204	45,388
Diluted Enterprise Value	17,962	20,382	32,067	49,139	47,112	41,708	47,535	49,593	52,560	52,815	51,796	48,407	50,408	58,906	61,352
EV per Share	20.13	22.83	36.32	56.89	56.97	54.78	64.76	71.61	80.84	73.82	75.58	70.4	76.62	90.98	93.84
TTM Sales	35,115	36,670	37,773	40,362	40,704	39,450	41,138	44,438	47,007	17,095	29,899	50,582	58,048	61,643	63,364
TTM EBITDA	3,740	4,192	5,460	4,693	9,637	8,882	8,188	7,593	9,199	-1,938	3,884	5,768	7,862	8,508	8,265
TTM Operating Income	2,217	2,627	3,802	2,922	7,802	6,996	5,966	5,264	6,618	-4,250	1,886	3,661	5,521	5,995	5,822
TTM Cash Flow to Firm	4,049	3,465	8,058	5,347	8,231	7,471	5,254	7,252	8,657	-3,055	4,164	7,072	7,149	8,579	8,891
TTM Free Cash Flow to Firm	5,303	5,433	10,579	7,596	11,176	10,862	9,145	12,420	13,593	-1,156	7,411	13,438	12,472	13,719	13,390

Multiples (USD)

API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	1.67	2.27	3.36	5.78	3.75	3.5	4.55	2.84	2.86	-13.5	3.85	1.65	2.19	2.98	3.53
EV/EBIT	7.67	7.4	8.13	16.07	5.69	5.72	7.68	9.25	7.85	- -	25.65	12.33	8.93	9.81	10.53
Enterprise Value	17,014	19,441	30,928	46,950	44,369	40,028	45,798	48,688	51,962	47,113	48,370	45,148	49,299	58,814	61,294
Low Price	6.41	7.83	11.97	27.26	34.61	32.6	43.81	47.9	45.08	17.51	33.4	27.2	30.6	36.34	34.74
EV/Sales	0.48	0.53	0.82	1.16	1.09	1.01	1.11	1.1	1.11	2.76	1.62	0.89	0.85	0.95	0.97
EV/EBITDA	4.55	4.64	5.66	10	4.6	4.51	5.59	6.41	5.65	- -	12.45	7.83	6.27	6.91	7.42
Price/Earnings	7.94	9.94	2.21	62.4	8.93	8.81	12.36	8.76	7.99	- -	88.77	15.91	5.58	11.22	8.99
Price/Earnings Average	9.11	8.44	1.61	47.72	8.12	7.72	11.03	9.57	7.55	-1.8	97.26	17.16	5.33	9	7.28
Price/Earnings High	12.96	10.26	2.37	63.63	9.29	9.45	12.54	10.77	8.66	-3.21	118.75	22.4	6.91	12.52	9.37
Price/Earnings Low	6.29	6.56	0.96	34.58	6.09	5.84	9.67	8.41	6.16	-0.9	75.87	13.17	4.24	6.74	4.5
Price/Book Value	-4.9	-4.74	2.01	4.61	3.64	2.93	3.16	2.48	2.45	16.73	6.43	3.2	2.33	2.56	2.17
Price/Book Value Average	-5.62	-4.03	1.46	3.52	3.31	2.56	2.82	2.71	2.31	14.55	7.05	3.45	2.23	2.05	1.76
Price/Book Value High	-8	-4.89	2.15	4.7	3.79	3.14	3.21	3.05	2.66	25.99	8.61	4.51	2.89	2.85	2.27
Price/Book Value Low	-3.88	-3.13	0.88	2.55	2.48	1.94	2.47	2.38	1.89	7.28	5.5	2.65	1.77	1.54	1.09
Price/Tangible Book Value	-0.43	-0.61	-8.33	-7.27	-10.37	-15.29	-18.76	-36.72	90.8	-1.8	-2.11	-2.3	-5.59	-89.91	8.83
Price/Tangible Book Value Average	-0.49	-0.52	-6.06	-5.56	-9.44	-13.4	-16.74	-40.1	85.86	-1.57	-2.31	-2.48	-5.34	-72.1	7.15
Price/Tangible Book Value High	-0.7	-0.63	-8.92	-7.41	-10.8	-16.4	-19.04	-45.12	98.5	-2.8	-2.82	-3.24	-6.92	-100.31	9.2
Price/Tangible Book Value Low	-0.34	-0.4	-3.63	-4.03	-7.08	-10.13	-14.68	-35.25	69.99	-0.79	-1.8	-1.9	-4.25	-54.01	4.42
Price/Sales	0.19	0.27	0.62	1.02	0.99	0.94	0.96	0.78	0.81	1.5	0.83	0.41	0.44	0.63	0.71
Price/Sales Average	0.22	0.23	0.45	0.78	0.9	0.82	0.86	0.85	0.77	1.3	0.91	0.45	0.42	0.5	0.57
Price/Sales High	0.32	0.28	0.66	1.04	1.03	1	0.98	0.95	0.88	2.32	1.11	0.58	0.55	0.7	0.74
Price/Sales Low	0.15	0.18	0.27	0.56	0.68	0.62	0.75	0.74	0.62	0.65	0.71	0.34	0.34	0.38	0.36
Price/Cash Flow	2.39	4.05	5.18	8.31	5.1	5.12	7.88	4.92	4.52	-6.74	7.61	3.29	3.98	4.83	5.39
Price/Cash Flow Average	2.75	3.44	3.77	6.36	4.64	4.49	7.04	5.37	4.27	-5.86	8.34	3.55	3.8	3.87	4.37
Price/Cash Flow High	3.91	4.18	5.55	8.48	5.31	5.49	8	6.04	4.9	-10.48	10.19	4.64	4.92	5.39	5.62
Price/Cash Flow Low	1.9	2.67	2.26	4.61	3.48	3.39	6.17	4.72	3.48	-2.94	6.51	2.73	3.02	2.9	2.7
Price/Free Cash Flow Average	1.92	1.93	2.44	4.42	3.41	3.07	4.06	3.1	2.7	-11.74	4.22	1.79	2.1	2.39	2.86
Price/Free Cash Flow High	2.73	2.34	3.6	5.89	3.9	3.76	4.61	3.49	3.1	-20.98	5.15	2.33	2.72	3.32	3.68
Price/Free Cash Flow Low	1.32	1.5	1.46	3.2	2.56	2.32	3.56	2.73	2.2	-5.88	3.29	1.37	1.67	1.79	1.77
EV/Sales Average	0.54	0.51	0.68	0.96	1.04	0.91	1.03	1.17	1.06	2.9	1.81	0.99	0.85	0.83	0.83
EV/Sales High	0.64	0.57	0.89	1.21	1.17	1.09	1.15	1.27	1.17	3.93	2.01	1.13	0.97	1.03	1
EV/Sales Low	0.47	0.46	0.49	0.74	0.82	0.72	0.92	1.07	0.92	2.25	1.61	0.89	0.76	0.7	0.61
EV/EBITDA Average	5.08	4.5	4.68	8.23	4.39	4.06	5.17	6.85	5.43	-25.57	13.94	8.68	6.27	6	6.37
EV/EBITDA High	5.96	4.94	6.15	10.43	4.92	4.86	5.77	7.46	6	-34.63	15.5	9.88	7.2	7.44	7.65
EV/EBITDA Low	4.43	4.05	3.42	6.41	3.46	3.2	4.64	6.26	4.71	-19.82	12.39	7.76	5.63	5.08	4.68
EV/EBIT Average	8.56	7.18	6.72	13.22	5.42	5.16	7.1	9.88	7.54	-11.66	28.71	13.68	8.92	8.52	9.05
EV/EBIT High	10.06	7.89	8.83	16.76	6.08	6.16	7.91	10.76	8.33	-15.79	31.92	15.57	10.25	10.57	10.86
EV/EBIT Low	7.47	6.46	4.92	10.29	4.27	4.06	6.37	9.03	6.55	-9.04	25.51	12.23	8.01	7.21	6.64
Last Price	8.09	11.87	27.47	49.19	50.69	49.19	56	49.9	58.48	40.21	39.08	32.86	40.23	60.5	69.4
High Price	13.21	12.25	29.44	50.16	52.77	52.76	56.84	61.32	63.44	62.48	52.28	46.27	49.81	67.5	72.34
Enterprise Value Average	18,983	18,871	25,531	38,615	42,269	36,074	42,366	52,017	49,921	49,562	54,147	50,078	49,266	51,063	52,685
Enterprise Value High	22,300	20,723	33,564	48,968	47,453	43,124	47,217	56,656	55,150	67,115	60,204	57,015	56,590	63,339	63,214
Enterprise Value Low	16,552	16,959	18,690	30,070	33,311	28,392	38,002	47,531	43,349	38,416	48,121	44,786	44,229	43,195	38,655

Shares Outstanding	845	851	851	825	779	731	707	680	643	638	640	641	643	646	653
Diluted Weighted Avg Shares	844	850	858	845	804	755	723	694	653	636	641	641	643	648	654
Basic Weighted Avg Shares	838	845	849	836	797	751	707	691	651	636	636	638	639	641	648
Revenue per Share	41.9	43.4	44.49	48.28	51.07	52.53	58.17	64.31	72.21	26.88	47.01	79.28	90.84	96.17	97.78
EBITDA per Share	4.46	4.96	6.43	5.61	12.09	11.83	11.58	10.99	14.13	-3.05	6.11	9.04	12.3	13.27	12.75
Operating Income per Share	2.65	3.11	4.48	3.5	9.79	9.32	8.44	7.62	10.17	-6.68	2.97	5.74	8.64	9.35	8.98
Basic EPS, GAAP	1.02	1.19	12.41	0.79	5.68	5.59	4.53	5.69	7.32	-19.47	0.44	2.07	7.21	5.39	7.72
Basic EPS from Cont Ops	1.02	1.19	12.41	0.79	5.68	5.59	4.53	5.69	7.32	-19.47	0.44	2.07	7.21	5.39	7.72
Diluted EPS, GAAP	1.01	1.19	12.28	0.78	5.63	5.56	4.43	5.67	7.3	-19.47	0.44	2.06	7.17	5.33	7.65
Diluted EPS from Cont Ops	1.01	1.19	12.28	0.78	5.63	5.56	4.43	5.67	7.3	-19.47	0.44	2.06	7.17	5.33	7.65
Dividend per Share	- -	- -	0.12	0.3	0.45	0.68	1.03	1.32	1.51	0.41	- -	- -	0.2	0.5	0.68
Cash Flow per Share	3.38	2.93	5.31	5.92	9.95	9.61	7.1	10.15	12.94	-5.96	5.13	9.97	10.12	12.52	12.87
Free Cash Flow per Basic Share	1.89	0.6	2.34	3.23	6.25	5.09	1.6	2.67	5.36	-8.95	0.03	- -	1.79	4.5	5.93
Cash & Equivalents per Share	4.28	3.96	4.47	4	4.41	4.45	3.73	2.6	4.48	22.09	17.69	10.19	6.01	4.75	6.6
Book Value per Share	-1.65	-2.5	13.67	10.68	13.93	16.81	17.72	20.13	23.89	2.4	6.07	10.26	17.26	23.66	31.93
Tangible Book Value per Share	-18.86	-19.5	-3.3	-6.77	-4.89	-3.22	-2.99	-1.36	0.64	-22.3	-18.54	-14.29	-7.2	-0.67	7.86

Delta Air Lines, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)